久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

USEUROPEAFRICAASIA 中文雙語Fran?ais
Business
Home / Business / View

Shanghai pioneers new form of liberalization

By Luo Jiexin and Xue He | China Daily | Updated: 2013-09-23 06:53

During his landmark southern tour in 1992, Deng Xiaoping, lauded as the architect of China's reform and opening-up, admitted he had made an unwise decision in not making Shanghai one of the first special economic zones during the early 1980s.

Because of this, Shanghai, as well as the neighboring Yangtze River Delta, missed an opportunity to lead the country's economic evolution.

However, in the 16 years since Deng passed away, the city appears to have the chance of pioneering China's next phase of opening-up and reform.

Recently, the State Council, the country's cabinet, approved the establishment of the Shanghai Free Trade Area, where several laws regulating foreign investment and trade would not be applied.

The Shanghai FTA, brainchild of Premier Li Keqiang, will eventually become a place where foreign trade, investment and capital can freely flow in and out.

Clearly, Li wants the FTA to be an "experimental field" for the country's economic future, just as Shenzhen was in the 1980s.

China joining the World Trade Organization in 2001 remained the last major breakthrough in the country's opening-up. Since then, its foreign trade systems have been overhauled fundamentally. It increasingly embraced open and free trade to help it become the world's largest trader and exporter, with foreign trade at one point accounting for more than a third of its GDP.

But reforms to foreign investment and financial systems failed to advance as much, as authorities held on to managing, if not restricting, foreign investment and financial operations, instead of liberalizing and serving them.

China's top policymakers have realized the country's economic reforms have been short on progress, and are keen to make some changes by selecting Shanghai as a pilot and pioneer.

Despite being named a free trade area, any breakthroughs achieved within the Shanghai zone will be basically associated with investment and finance. They will include a negative-list practice for foreign investment, full convertibility of the yuan and full interest rate liberalization for banks. In the area, the government will not have a big say in the operation of business.

These are all reforms that should have taken place in the past decade but were delayed.

Since foreign trade has lost its luster in fueling economic growth, and stimulus packages have had many harmful side effects that have been hard to clear, China urgently needs to find a new and more quality-oriented growth engine.

The services industry and the consumer market are expected to be the next big things. But their development requires a significance liberalization of investment and financial regimes, similar to how the liberalization of policies boosted foreign trade.

The Shanghai FTA is part of the new liberalization, its essence being to let market forces replace government will. This is a continuation of Li's economic philosophy of "big market and small government".

By making these reforms, the FTA will be a business-friendly place that embraces an advanced policy regime similar to that of the United States and the European Union. Optimists believe the area can enjoy the same level of economic freedom as Hong Kong, undoubtedly the world's freest economy.

It's no wonder that many economists, foreign and Chinese, have lauded and pinned high hopes on the Shanghai FTA, which they say will be a textbook example for China's policy regime for the next decade. The market reacted positively to the news, with Shanghai FTA-concept stocks, such as China Eastern Airlines and Shanghai International Port Group, rising for a few days after the government approved the establishment of the FTA in late August.

If Shanghai's experience proves effective, it may soon be followed by other places such as Tianjin and Fujian in shaping the new investment and financial systems that will eventually be promoted nationwide.

With the success of the FTA, Shanghai will become a real regional and even international financial hub and have its name embossed on China's economic history.

But policymakers must be aware of potential problems if this experiment is to achieve the goals they expect.

For example, regulators must keep an eye on arbitrage.

As trade, investment, exchange and rate barriers are pulled down, the FTA will have policy advantages over other places in China. More likely than not, there will be two sets of interest rates, two sets of exchange rates and two sets of tax rates for within and outside the Shanghai FTA area.

Profiteers and speculators will take advantage of these differences to make quick gains. In the most recent cases, arbitragers displayed their ability to maneuver large sums of money because of the differences between onshore and offshore yuan and those between trade policies for inside and outside bonded areas. These operations were massive enough to distort China's foreign trade figures in March and April this year.

The Shanghai FTA will be a hotbed for arbitragers if business operations and capital flows are not strictly scrutinized.

How to regulate and supervise goods and money flows in a totally free regime is a challenge for policymakers. How to strike a balance between the free economy and due supervision remains another.

The authors are financial analysts in

Shanghai. The views do not necessarily reflect those of China Daily.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
 
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    国产丝袜美腿一区二区三区| 中文字幕一区二区三区在线播放 | 蜜桃av噜噜一区| 精品日韩av一区二区| 国产一区在线精品| 国产精品久久看| 欧美日韩在线播放一区| 在线亚洲一区二区| 午夜av电影一区| 精品99久久久久久| 99精品热视频| 日韩1区2区日韩1区2区| 久久久久久久性| 色哟哟国产精品免费观看| 亚洲成人免费电影| 久久网站热最新地址| 97国产一区二区| 美女高潮久久久| 中文字幕中文乱码欧美一区二区 | 久久综合九色综合久久久精品综合 | 亚洲激情图片一区| 制服丝袜av成人在线看| 国产激情一区二区三区四区| 亚洲视频香蕉人妖| 日韩欧美国产午夜精品| 成人久久18免费网站麻豆| 午夜日韩在线观看| 欧美激情资源网| 欧美精选一区二区| 成人高清av在线| 全部av―极品视觉盛宴亚洲| 亚洲国产精品精华液2区45| 欧美日韩免费观看一区三区| 国产盗摄视频一区二区三区| 夜夜嗨av一区二区三区中文字幕| 欧美xxxx在线观看| 一本色道久久综合亚洲91 | 色网综合在线观看| 久久国产成人午夜av影院| 自拍偷拍亚洲欧美日韩| 精品国产凹凸成av人网站| 色婷婷综合久久久久中文一区二区| 捆绑紧缚一区二区三区视频| 樱花影视一区二区| 久久久91精品国产一区二区三区| 欧美亚洲综合另类| 成人黄色小视频在线观看| 日本欧美一区二区三区乱码| 亚洲免费资源在线播放| 久久久五月婷婷| 欧美精品自拍偷拍动漫精品| 91尤物视频在线观看| 国产一区二区三区视频在线播放| 亚洲国产婷婷综合在线精品| 国产精品乱子久久久久| 精品欧美一区二区在线观看| 欧美日韩国产一区二区三区地区| av中文字幕亚洲| 国产在线看一区| 日韩激情视频网站| 亚洲最大成人网4388xx| 最新中文字幕一区二区三区| 2020日本不卡一区二区视频| 欧美男男青年gay1069videost| 97国产一区二区| 懂色中文一区二区在线播放| 久久99久久99| 免费黄网站欧美| 91捆绑美女网站| 国产精品一品二品| 麻豆精品视频在线观看免费| 亚洲国产精品天堂| 亚洲精品视频在线观看免费| 国产精品人成在线观看免费| 久久这里只有精品6| 日韩一区二区在线观看视频 | 国产欧美综合在线观看第十页| 91精品国产aⅴ一区二区| 欧美亚洲国产一区二区三区va| av在线一区二区三区| 成人丝袜18视频在线观看| 国产一区二区三区精品视频| 久久aⅴ国产欧美74aaa| 日韩国产在线一| 午夜精品在线视频一区| 亚洲国产日韩综合久久精品| 亚洲欧美激情一区二区| 亚洲婷婷综合久久一本伊一区| 国产精品午夜电影| 欧美高清在线一区| 国产午夜亚洲精品不卡| www国产成人| 久久久国产精品午夜一区ai换脸| 久久先锋影音av鲁色资源网| 久久欧美一区二区| 久久这里只有精品首页| 久久久久久久久99精品| 久久先锋影音av鲁色资源| 久久久精品综合| 久久午夜羞羞影院免费观看| 久久久亚洲高清| 欧美国产日韩精品免费观看| 国产精品午夜久久| 1024成人网| 亚洲已满18点击进入久久| 亚洲福利电影网| 日本不卡123| 久久99国内精品| 国产激情偷乱视频一区二区三区| 高清日韩电视剧大全免费| 成人精品电影在线观看| 91啪九色porn原创视频在线观看| 色激情天天射综合网| 欧美三区免费完整视频在线观看| 欧美日韩二区三区| 日韩一二三四区| 久久亚洲精品国产精品紫薇| 日本一区二区三区免费乱视频| 国产精品久久久爽爽爽麻豆色哟哟| 成人欧美一区二区三区视频网页| 自拍偷拍欧美精品| 亚洲一区二区在线观看视频| 视频一区国产视频| 韩国一区二区三区| www.久久久久久久久| 欧美专区在线观看一区| 日韩视频免费观看高清完整版| 精品精品欲导航| 国产精品无码永久免费888| 亚洲精品国产一区二区精华液 | 日韩视频在线你懂得| 久久中文字幕电影| 中文字幕亚洲电影| 午夜影视日本亚洲欧洲精品| 蜜桃免费网站一区二区三区| 丁香六月综合激情| 在线观看日韩毛片| 欧美成人a视频| 国产精品国产三级国产aⅴ入口| 亚洲综合精品久久| 久久99久久精品欧美| 91在线porny国产在线看| 91精品视频网| 久久久蜜臀国产一区二区| 亚洲欧美一区二区三区孕妇| 三级在线观看一区二区 | 欧美蜜桃一区二区三区| 久久久蜜桃精品| 一区二区三区高清在线| 韩国女主播一区| 日本丰满少妇一区二区三区| 日韩视频一区二区三区 | 久久精品国产77777蜜臀| 大美女一区二区三区| 欧美三区在线观看| 国产视频911| 天天色天天操综合| 成人蜜臀av电影| 91精品久久久久久久久99蜜臂| 国产夜色精品一区二区av| 一区二区三区国产| 国产精品自拍一区| 欧美性大战久久久久久久蜜臀| 精品电影一区二区三区| 亚洲激情第一区| 国产精品综合在线视频| 欧美日韩免费高清一区色橹橹| 国产三级欧美三级| 性感美女久久精品| av电影在线不卡| 精品欧美乱码久久久久久1区2区| 亚洲欧美色图小说| 国产一区二区三区综合| 欧美情侣在线播放| 亚洲三级在线播放| 国产精品亚洲第一| 欧美一区二区美女| 亚洲激情网站免费观看| 国产福利一区在线观看| 91精品国产色综合久久久蜜香臀| 亚洲丝袜精品丝袜在线| 国产精品自拍网站| 欧美一二三区精品| 一区二区三区四区不卡在线| 国产成人久久精品77777最新版本 国产成人鲁色资源国产91色综 | 日本精品一级二级| 国产欧美一二三区| 久久超碰97中文字幕| 欧美日韩国产精选| 一区二区三区日韩精品视频| 国产xxx精品视频大全| 日韩免费高清电影| 亚洲成人自拍偷拍| 91麻豆swag| 国产精品美女久久久久久久久久久 | 91成人看片片| 一色屋精品亚洲香蕉网站| 国产高清精品久久久久| 精品少妇一区二区三区在线播放 | 国产精品萝li|